A.C. Moore to close, fate of 3 Maine stores uncertain
Courtesy / A.C. Moore
Arts and crafts retailer A.C. Moore will close, although some of its 145 stores may reopen under the Michaels name.
Just in time for the holidays, arts and crafts retail chain A.C. Moore — which has stores in Augusta, Bangor and South Portland — is closing its doors.
The company, founded in 1985 and owned by New Jersey-based Nicole Crafts LLC, operates over 145 stores from Maine to Florida. In a Monday news release, Nicole said it is exiting retail operations and that up to 40 of the stores may be leased to competitor Michaels Cos. Inc. and could reopen under the Michaels name.
Details about those stores and about when the others might shutter will be announced in the coming weeks, Nicole said. An A.C. Moore distribution facility in Moorestown, N.J., has also been leased by Michaels.
Michaels (Nasdaq: MIK) will pay $58 million for the option to lease the stores and for A.C. Moore intellectual property, according to a filing with the Securities and Exchange Commission.
Michaels says it is the largest arts and crafts retailer in North America, with 1,260 locations in 49 states and Canada. Among the stores are ones in Augusta, Biddeford and Scarborough. The Augusta store is less than 3 miles from A.C. Moore's branch in that city; the Scarborough branch of Michaels is even closer to the A.C. Moore in South Portland.
A.C. Moore stopped accepting online orders Monday, but will continue to process and ship orders that have already been placed, according to the release.
“Given the headwinds facing many retailers in today's environment, it made it very difficult for us to operate and compete on a national level,” CEO Anthony Piperno said.
Michaels CEO Mark Cosby said, "This transaction enables us to further expand our presence in strategic markets and serve even more customers both online and in store. We are looking forward to reopening these stores under the Michaels name in 2020 and welcoming new team members."
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